GST nearing a July 1 implementation as Council clears all five draft bills

Goods and Service Tax (GST) Council approved¬¬ UTGST (Union Territory GST) and SGST (state GST), with the two draft bills having approved by the council, all the five enabling draft bills stand approved to enable a likely rollout of the new indirect tax regime by July 1. "Cess on demerit goods capped at 15%. Supporting GST laws will now be taken to the Cabinet and then to Parliament for approval," Finance Minister Arun Jaitley said while addressing media. For the purpose of empowerment, cap of cess on demerit goods on top of peak rate of GST has been kept at 15%. Tax rates for various goods and services to be taken up after framing of rules; hopefully GST will be implemented from July 1. GST Council to meet on March 31 for framing of rules for Goods and Service Tax regime," he added.